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Forex: GBP/USD peaks at 1.5241 on US session

FXstreet.com (Barcelona) - Biased to the biased today and finding support at 1.5180 area, the GBP/USD had a strong push higher after the release of US data. The March Manufacturing PMI by ISM fell from 54.2 to 51.3, much lower than the market consensus of 54.1. ISM Prices Paid fell from 61.5 to 54.5, also below expectations (59.8). The US construction spending beat consensus at 1.0% by rising 1.2% in February. In January, data had dropped by -2.1%. US March manufacturing PMI by Markit rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9.

The GBP/USD has peaked at 1.5241 high and is currently trading steady around 1.5230. The pair is getting closer to March highs at 1.5260.

“We think today the price may continue this correction to reach the level of 1.5080 (at least) and then, after completing it, start forming a new ascending towards a predicted target at 1.5400”, wrote Roboforex.com analyst Igor Sayadov. “This ascending movement to break the maximums of the first wave, which may be followed by a consolidation, will define more exact point, where the third ascending wave may be completed”, he continued.

Forex Flash: USD/CAD selling on rallies through the upper 1.01 area – TD Securities

TD Securities analysts “still rather think the CAD can fight back a little more at least against the strengthening in the USD seen since the start of the year”, wrote analyst Shaun Osborne and Greg Moore, observing that short-term Canada-US spreads have steadied in the past week or so, and that the next round of top flight domestic data—Canadian trade and employment data are released Friday—may perhaps determine whether the CAD can improve much more from here. The USD/CAD is currently unable to really regain 1.0180 since losing that support point last week and trading below the 40-day MA. “We still think the market will be inclined to sell USD rallies through the upper 1.01 area for the moment and that a deeper retracement of this year’s USD rally—getting the USD back closer to 1.00 perhaps—beckons”, they added.
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Forex: EUR/USD in session highs around 1.2840/45

The single currency is trading in the upper end of today’s range so far, eyeing 1.2850 as the effects of the softer ISM are still hovering over the markets. Recall that the Markit Manufacturing PMI came in...
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